The Figure Below Shows the Demand (D) and Supply (S)

question 64

True/False

The figure below shows the demand (D) and supply (S) curves of cocoa in the U.S.Figure 21.4

-Tariff accounts for 32% of the total government revenue in the U.K. and only 1.2% in India.

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Definitions:

Variable Costs

Expenses that vary directly with the level of production or service activity, such as raw materials and direct labor costs.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent and salaries.

Relevant Range

The span of activity or volume level within which the assumptions about fixed and variable costs are expected to hold true.

Direct Product Cost

The sum of all costs directly associated with the production of a product, including materials and labor.